Home Prices See Biggest Jump Since 2014—Worsening Affordability Challenges for Many Buyers

The numbers: Home prices rose at the fastest pace in seven years, according to the leading barometer released Tuesday.

The S&P CoreLogic Case-Shiller 20-city price index posted a 10.1% year-over-year gain in December, up from 9.2% the previous month. On a monthly basis, the index increased 0.8% between November and December.

It was the first time that home prices saw a double-digit increase since January 2014, according to Selma Hepp, the deputy chief economist at CoreLogic.

Additionally, the broader S&P Corelogic Case-Shiller national price index, which covers the entire country, demonstrated a 10.4% gain year-over-year in December, up from 9.5% the prior month.

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